application instances and events

If I'm streaming three related events such as football1, football2, football3 is it best practice to create a unique application instance for each football event?

Or should all 3 events just be grouped under a single application instance?

Example: C:\FMS\applications\football1\_definst_\football1, C:\FMS\applications\football2\_definst_\football2, etc...

I was asking because the FMS Admin Console breaks down the connection information by application instance and then I could just pull it up and see how many users connected and total connects to each event without making a bunch of admin api calls.

Does this make sense?